Insurance and financial services in Panama
Panama: Insurance and financial services was 17.5% in 2025. ▲ Rising
Insurance and financial services in Panama, 1977–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
Panama recorded 17.5% for insurance and financial services in 2025.
Compared with earlier readings it is down 2.0% on the previous year and up 5.4% over ten years.
Over the whole period, insurance and financial services in Panama peaked at 20.5% in 2002 and was at its lowest, 5.4%, in 1992.
That places Panama 14th out of 197 countries with data for 2025, putting it in the top 10%.
The long-run direction has been consistently rising across the 49 years of available data.
Insurance and financial services in Panama, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1977 | 5.7% | — |
| 1978 | 7.6% | +32.8% |
| 1979 | 7.0% | -7.4% |
| 1980 | 10.2% | +45.1% |
| 1981 | 9.1% | -10.5% |
| 1982 | 7.7% | -15.5% |
| 1983 | 9.6% | +25.3% |
| 1984 | 9.1% | -5.2% |
| 1985 | 12.7% | +38.6% |
| 1986 | 10.4% | -18.1% |
| 1987 | 12.7% | +22.0% |
| 1988 | 9.6% | -23.9% |
| 1989 | 8.6% | -10.3% |
| 1990 | 9.9% | +14.0% |
| 1991 | 7.9% | -19.9% |
| 1992 | 5.4% | -31.3% |
| 1993 | 9.1% | +68.2% |
| 1994 | 7.2% | -20.9% |
| 1995 | 8.5% | +17.7% |
| 1996 | 8.2% | -3.1% |
| 1997 | 12.2% | +48.1% |
| 1998 | 16.8% | +37.7% |
| 1999 | 11.6% | -30.8% |
| 2000 | 7.2% | -38.2% |
| 2001 | 10.2% | +41.7% |
| 2002 | 20.5% | +101.7% |
| 2003 | 18.5% | -10.0% |
| 2004 | 15.2% | -17.5% |
| 2005 | 14.5% | -4.6% |
| 2006 | 13.6% | -6.4% |
| 2007 | 17.1% | +25.2% |
| 2008 | 17.9% | +5.2% |
| 2009 | 15.6% | -13.0% |
| 2010 | 19.6% | +25.7% |
| 2011 | 19.1% | -2.5% |
| 2012 | 17.8% | -6.9% |
| 2013 | 16.8% | -5.9% |
| 2014 | 13.4% | -20.1% |
| 2015 | 16.6% | +24.1% |
| 2016 | 16.2% | -2.7% |
| 2017 | 15.9% | -1.6% |
| 2018 | 6.6% | -58.4% |
| 2019 | 6.3% | -5.0% |
| 2020 | 10.6% | +68.8% |
| 2021 | 11.2% | +5.4% |
| 2022 | 12.3% | +9.7% |
| 2023 | 16.9% | +37.8% |
| 2024 | 17.9% | +5.7% |
| 2025 | 17.5% | -2.0% |
Panama compared with similar countries
- Panama's 17.5% is above the median for high income countries, which is 6.2%, 2.8× the median. (72 countries reporting)
- Panama's 17.5% is above the median for Latin America & Caribbean, which is 10.1%, 1.7× the median. (37 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 6.8% | 5.7% | 7.6% | 3 |
| 1980s | 10.0% | 7.7% | 12.7% | 10 |
| 1990s | 9.7% | 5.4% | 16.8% | 10 |
| 2000s | 15.0% | 7.2% | 20.5% | 10 |
| 2010s | 14.8% | 6.3% | 19.6% | 10 |
| 2020s | 14.4% | 10.6% | 17.9% | 6 |
Countries ranked near Panama
- 11 Congo, Democratic Republic of the 18.2% compare
- 12 Trinidad and Tobago 17.9% compare
- 13 Bermuda 17.6% compare
- 15 Cyprus 17.0% compare
- 16 Burkina Faso 16.1% compare
- 17 Nicaragua 15.9% compare
More economy & growth data for Panama
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.82 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -870.79 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0096 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -190.5 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 938.47 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -55.01 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0104 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 205.3 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate -8.97 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Panama?
- Insurance and financial services in Panama was 17.5% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Panama?
- The highest recorded value was 20.5% in 2002.
- What is the lowest insurance and financial services recorded in Panama?
- The lowest recorded value was 5.4% in 1992.
- How does Panama rank for insurance and financial services?
- Panama ranks 14th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in Panama?
- Over the last ten years it is up 5.4%. The long-run trend across the full record is rising.
- Where does this Panama data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service imports, BoP). Statizoid updates them automatically from the source API.
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service imports which are services provided by non-residents to residents.